Surge in flour, meat prices push weekly inflation up to 1.09 pc in Pakistan

Karachi [Pakistan], January 7 (ANI): A surge in the prices of meat especially Chicken, rice and wheat flour pushed weekly inflation up 1.09 per cent in Pakistan, Geo TV reported.

According to figures issued on Friday by the Pakistan Bureau of Statistics (PBS), annual inflation increased by 30.60%, raising concerns among low- and middle-income people that they may soon be unable to afford even basic necessities.

The increase in prices was seen for chicken (16.09 pc), broken basmati rice (5.16 pc), wheat flour (4.87 pc), rice irri-6/9 (3.45 pc), bananas (2.97 pc), onions (2.65 percent), bread (1.24 pc), powdered salt (1.07 pc), and pulse moong were to blame for the WoW increase in the sensitive price indicator (SPI) (1.02pc).

Whereas on the other hand, the decrease was observed in the prices of potatoes (4.61pc), eggs (1.31pc), tomatoes (1.17pc), LPG (0.85pc), vegetable ghee 2.5kg (0.71pc), cooking oil 5 litre (0.32pc), sugar (0.24pc), vegetable ghee 1kg (0.11pc) and pulse masoor (0.05pc), Geo News reported.

Notably, the rise in the price of chicken has been caused by a shortage of soybean feed, while the price of wheat has been higher than usual due to the support price gap between Sindh and Punjab, which also caused a shortage of grain in wheat flour mills. Moreover, prices of milk and firewood increased; sugar and vegetable ghee declined, whereas the price of electricity and long cloth remained as it is.

Meanwhile, food inflation surged by 32.7 per cent in cities and 37.9 per cent in villages/towns last month, respectively in Pakistan, showed the PBS data.

Prices of both perishable and non-perishable food products went up significantly compared to the same period last year, reported Geo News.

The food group prices surged by over one-fourth in December compared to the same month a year ago. But prices of perishable food items soared by 55.93 per cent, which still shows a significant demand and supply gap. (ANI)